DeFi protocol Synthetix is now being governed by a trio of DAOs

The team behind the synthetic asset issuance protocol Synthetix said Tuesday that the project is now officially being governed by three decentralized autonomous organizations, or DAOs.

In a July 28 blog post, the team behind Synthetix detailed the wind-down of a foundation dedicated to the oversight of the protocol. Synthetix outlined its push toward decentralized control in December.

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"As of the date of publishing this article, July 2020, the protocol is now under the control of three distinct DAO’s: The protocolDAO, which controls protocol upgrades and variable configuration... The grantsDAO which funds public goods in the Synthetix ecosystem... [and t]he synthetixDAO which manages and deploys funds to contributors and other project needs," the team explained in the blog post.

On the topic of synthetixDAO, the team noted that: "The synthetixDAO will continue to provide funding for network growth, but where the foundation was previously a major recipient of funding, now a large number of smaller entities will apply directly to the synthetixDAO for contributor funding."

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